The Argosy team has extensive collective experience working for real estate private equity firms and real estate operating companies.
Mr. Butler is responsible for the management and oversight of Argosy Real Estate Partners including investment strategy, fundraising, asset management, and operations. He is a member of the firm’s Investment Committee and Management Committee.
Prior to Argosy, he was Vice President and head of the San Francisco office for the real estate group of J.P. Morgan Investment Management, where he had responsibility for origination and execution of real estate private equity investments on the west coast. Mr. Butler joined J.P. Morgan from AIG Global Real Estate, a global opportunistic real estate private equity investor, where he was a Vice President specializing in residential, office, and mixed-use projects. Previously, Mr. Butler worked in the Real Estate Investment Banking Group of Robertson Stephens, a subsidiary of both Bank of America and FleetBoston Financial. Mr. Butler has over 20 years of real estate experience, closing over $5 billion of real estate transactions.
Mr. Butler holds an MBA from the Wharton School of the University of Pennsylvania. He also earned both a Bachelor of Science degree in Civil Engineering and a Bachelor of Arts degree in Economics from Stanford University.
David is the President of Stanford Professionals in Real Estate (SPIRE) as well as a member of its Board of Directors. He is also Co-Founder and Board Committee Chairman of the Stanford Real Estate Council (SREC). Additionally, he is a member of the Policy Advisory Board of the Fisher Center for Real Estate and Urban Economics at the University of California-Berkeley. He currently serves on the Small Scale Development National Product Council for the Urban Land Institute (ULI).
David is a member of the Board of Directors for the Boys and Girls Club of St. Helena and Calistoga and recently served as the Co-Chairman of the successful capital campaign to build a new facility for the organization.
Mr. Stewart is responsible for the management and oversight of Argosy Real Estate Partners including investment strategy, fundraising, asset management, and operations. He is a member of the firm’s Investment Committee and Management Committee.
Mr. Stewart has 20 years of real estate investment and operating experience, involving over $2 billion of diverse real estate transactions throughout the United States and Canada. He was most recently Senior Manager of Acquisitions at M.D.C. Holdings, Inc., one of the nation’s largest public home builders, where he had responsibility for origination and execution of land and corporate investments throughout the company’s footprint. Mr. Stewart joined M.D.C. from Cherokee Investment Partners, a global opportunistic real estate private equity fund, where he was a Managing Director specializing in the acquisition and redevelopment of urban mixed-use, brownfield, residential and commercial assets. Mr. Stewart started his career at Sage Hospitality Resources, a prominent hotel management and investment company, where he was involved with the origination, underwriting, closing and asset management of hospitality investment and development projects.
Mr. Stewart holds an MBA from the Wharton School of the University of Pennsylvania. He also earned a Bachelor of Science degree in Hotel Administration from Cornell University.
Mr. Kirwin is a Founding Partner of the firm and is a member of Argosy Real Estate Partners’ Investment Committee and Management Committee. His experience encompasses a successful track record investing private equity in more than 90 middle market operating companies and 60 real estate joint ventures. He has been a member of the Board of Directors of four public companies, and he has been a Director or participated as a Board Observer on many of Argosy’s investments. Previously, he practiced corporate law, specializing in mergers and acquisitions. For nine years, he was a Partner with McCausland, Keen and Buckman where he worked extensively on public and private securities offerings, as well as venture capital and buyout transactions. He has been investing in real estate for more than 20 years including investments on behalf of Argosy in multifamily properties, shopping centers, office buildings, for sale active adult communities and continuing care retirement communities.
He holds a Juris Doctor from George Washington University National Law Center and a Bachelor of Arts from Dickinson College.
Sarah G. Roth, COO/CFO, joined Argosy in 2018 and is responsible for operations and finance. Ms. Roth has nearly 20 years’ experience investing private equity in lower middle market businesses, including serving on the board of directors or as an active board observer for eleven companies. Prior to joining Argosy, she was a Partner at The Riverside Company, a $5 billion lower middle market private equity firm. While at Riverside, Ms. Roth led over 25 acquisitions, refinancings, and realizations for the firm. She was responsible for all aspects of the investment process, including portfolio company operations and financial performance, and also supported fundraising and reporting to investors. Prior to Riverside, Ms. Roth was an associate at Merrill Lynch Ventures, LLC, a $1.2 billion diversified private equity fund, where she managed and evaluated transactions. Ms. Roth began her career as an investment banking analyst at Merrill Lynch.
Ms. Roth holds an MBA from the Kellogg School of Management at Northwestern University. Ms. Roth graduated magna cum laude from Williams College with a B.A. in Political Science.
Ms. Doelger is responsible for acquisitions, dispositions and asset management. Previously, Ms. Doelger was an Associate Director of Redevelopment at Pennsylvania Real Estate Investment Trust, where she was responsible for project management and financial analysis of redevelopment projects within the company’s portfolio of enclosed shopping malls. Prior to joining PREIT, Ms. Doelger was a Senior Development Manager for Buckingham Companies, where she secured entitlements and directed building design for a variety of product types including market-rate apartments, student housing, senior housing, townhomes, and mixed-use properties. Ms. Doelger is also experienced in the development and leasing of retail properties, having directed real estate and development for Taco Bell in the Philadelphia area. She started her career with Kravco Company as an Urban Retail Specialist.
Ms. Doelger holds an MBA with a concentration in Real Estate from the Wharton School at the University of Pennsylvania, where she was a Palmer Scholar and Co-President of the Wharton Real Estate Club. She also holds a Masters of City Design and Social Science from the London School of Economics and Political Science, where she received a Thouron Scholarship. Ms. Doelger graduated summa cum laude from the University of Pennsylvania with a B.A. in Urban Studies and Classical Studies.
Ms. Doelger is the Chair of the Commercial & Retail Development (Silver) Council of the Urban Land Institute, and was a co-founder of the Indiana District Council of ULI in 2007. Since 2001, Ms. Doelger has served on a variety of nonprofit boards in the Philadelphia area and is currently a Director of the Passyunk Avenue Revitalization Corporation (PARC).
Mr. Firmine is responsible for developing new operating partner relationships, sourcing acquisitions and investment screening. Prior to joining Argosy Real Estate Partners in 2017, Mr. Firmine was a Principal with the Fifteen Group, where he oversaw the firm’s acquisition and development efforts throughout the Mountain Region. Previously, he spent over a decade as the Owner of RF Development, a successful Las Vegas based development and advisory firm. The company developed over $150 million of real estate on the South Strip, and advised banks and private equity funds on the acquisition and disposition of over $1 billion of assets. This included the sourcing of new investment opportunities as well as the management and repositioning of existing owned distressed assets. Mr. Firmine began his real estate career with Torino Companies where he oversaw the acquisition of many high-profile land parcels and the development of retail properties on the Las Vegas Strip. Previously, he was an investment banker with Robertson Stephens and Lehman Brothers.
Mr. Firmine holds a Bachelor of Science in Business Administration from the University of Colorado and an MBA in finance with honors from the Wharton Business School at the University of Pennsylvania.
Mr. McGinley is responsible for overseeing asset management at Argosy Real Estate Partners. He joined the firm in 2017 with 19 years of experience in commercial real estate, including acquisitions, dispositions, asset management and portfolio management.
Previously, Mr. McGinley served as Vice President at Hunt Investment Management, where he was responsible for co-managing a value-add real estate private equity fund which invested in $1.4 billion of multifamily, retail, office and industrial properties on behalf of institutional clients. Mr. McGinley also managed a separate account on behalf of international high-net worth clients and oversaw a portfolio of real estate investments on behalf of the Hunt family. In addition, Mr. McGinley was responsible for leading direct multifamily acquisitions on behalf of Hunt and Pinnacle property management company. He joined Hunt in 2010 following the firm’s acquisition of the real estate equity investment platform of Capmark Investments, where he had worked since 2006 and was responsible for acquisitions, dispositions, asset management and portfolio management. Mr. McGinley originally started his career in real estate in 1997 as a Financial Analyst at GMAC Commercial Mortgage, which later became Capmark Financial Group in 2006.
Mr. McGinley holds an MBA with a concentration in Finance from LaSalle University. He also earned a Bachelor of Science degree in Business Administration from West Chester University of Pennsylvania.
Mr. Cohen is responsible for asset management and dispositions. Previously, Mr. Cohen was a Senior Analyst at Desanto Realty Group, a national Tenant-In-Common sponsor. While there he led all aspects of underwriting and the due diligence for transactions totaling $220 million. He also managed a portfolio of eight multifamily communities, developing and administering multi-million dollar budgets. Mr. Cohen began his career as an Analyst at a New York City law firm specializing in commercial real estate tax issues. He was primarily responsible for financial and market analysis in support of real estate tax appeal, abatements, and exemptions for property owners and developers.
Mr. Cohen earned a Master of Science in Real Estate Finance and Investment from New York University and a Bachelor of Arts in Political Science from the University of Michigan. He is a member of the Urban Land Institute and the National Multi Housing Council. He is also a member the Board of Directors at the Kaiserman JCC in Wynnewood, Pa. An avid cyclist, he coordinates a team for the MS150 City to Shore bike tour, benefitting the National Multiple Sclerosis Society.
Mr. Abel is responsible for acquisitions, dispositions and asset management. Prior to joining Argosy, Mr. Abel was a Summer Associate in the Direct Investments Group of AEW Capital Management, a global real estate investment manager. Prior to AEW, Mr. Abel was a Financial Analyst at Gibraltar Capital and Asset Management, the distressed investment arm of Toll Brothers. While at Gibraltar Capital and Asset Management, he specialized in the acquisition, asset management and financial analysis of non-performing and sub-performing loans securitized by commercial and residential real estate. Mr. Abel began his career working as an Audit Associate for KPMG, LLP in the private equity and real estate group. While at KPMG, he focused primarily on asset and fund valuation for a variety of real estate investment managers.
Mr. Abel holds a Master’s of Professional Studies in Real Estate from Cornell University with a Concentration in Finance and Investments. Mr. Abel graduated with a Bachelor’s of Business Administration in Accounting from the University of Wisconsin-Madison School of Business.
Mr. Wheeling is responsible for acquisitions, dispositions and asset management. Previously, Mr. Wheeling worked for Collett Capital, a value-add retail investment platform in Charlotte. At Collett, Max worked as a Summer Associate, where he focused on acquisitions. Mr. Wheeling began his career working for Ernst & Young’s Transaction Real Estate Group in Philadelphia, where he provided independent valuation, due diligence, financial modeling, and strategic real estate planning for commercial, multi-family, industrial, and special purpose real estate assets throughout the world. Mr. Wheeling spent five years at E&Y serving most recently as a Senior Associate, specializing in coordinating large portfolio valuations for mergers & acquisitions.
Mr. Wheeling holds an MBA from the University of North Carolina Kenan-Flagler Business School with concentrations in Real Estate Finance and Real Estate Development, as well as a BA from the University of Pennsylvania.
Mr. Cantu is responsible for acquisitions, dispositions, and asset management. Previously, Mr. Cantu worked as a Summer Associate for PGIM Real Estate, a global real estate investment manager. Prior to joining PGIM Real Estate, Mr. Cantu was a Financial Analyst at Clarion Partners, where he specialized in the acquisition and financial analysis of industrial real estate in the United States. Mr. Cantu began his career working as a Finance Analyst for Citigroup in New York.
Mr. Cantu holds an MBA with concentrations in Real Estate and Finance from the Wharton School of the University of Pennsylvania. He also earned a Bachelor of Business Administration degree in Finance from the University of Texas at Austin.
Ms. Busch is responsible for the investor relations program including brand management, fundraising, media relations and marketing communications to existing and potential investors. Prior to joining Argosy, Ms. Busch was a Director in the Investment Department of AXA Equitable, where she managed the private equity portfolio with over $1 billion in investments. Ms. Busch was responsible for due diligence on new fund investments, monitoring existing investments and managing partnership relationships. Prior to her promotion to Director, she was a senior credit analyst at AXA Equitable, where she performed analysis on new and challenged credit investments, CLOs and bridge loans.
Ms. Busch earned an MBA in Quantitative Finance from New York University’s Stern School of Business and a Bachelor of Science in Mathematics from Villanova University. In 2009, she was awarded the Rising Star Award from the Women’s Bond Club.
Paul M. Grassinger, Vice President of Finance and Accounting, joined Argosy in 2016 and is responsible for finance, accounting and administration. He has over 15 years of experience as an executive. Mr. Grassinger has performed valuations, due-diligence, business plans and post-acquisition integrations for over two dozen successful transactions. He has been involved in raising over $250 million dollars in senior and subordinated debt. Mr. Grassinger has diverse industry experience spanning technology, software, ecommerce, Internet advertising/marketing and distribution. He started his professional career in the Audit and Assurance group at Ernst & Young, LLP and has served in leadership roles, including CFO, COO, Vice President and Corporate Controller. Mr. Grassinger earned a Bachelor of Science in Business Administration with a major in Accounting from Rowan University. He is an active CPA in Pennsylvania, a member of the American Institute of Certified Public Accountants (AICPA), the Pennsylvania Institute of Certified Public Accountants (PICPA) and the Greater Philadelphia Senior Executive Group (GPSEG).
Mr. Marlowe acts as General Counsel for Argosy Capital, providing oversight on legal and compliance matters for the firm. Mr. Marlowe is the managing partner of his suburban Philadelphia-based firm, Marlowe Legal Advisors, LLC, which provides corporate and securities legal advice, general counsel services, and specialty private investment fund services to its clients. Mr. Marlowe’s previous experience includes serving as general counsel, chief operating officer and chief compliance officer of Rock Hill Partners, LLC, a hedge fund, which focused on convertible arbitrage. Prior to Rock Hill, Mr. Marlowe was Vice President of Rose Glen Capital Group, Inc., a hedge fund, which focused on PIPE transactions. Before joining Rose Glen, Mr. Marlowe practiced law in the Business and Finance Department of Morgan Lewis & Bockius, LLP, where he represented hedge, private equity and venture capital funds in various transactions, including equity offerings and M&A, and advised clients on securities law and general corporate issues. Prior to joining Morgan Lewis, Mr. Marlowe practiced law at Ballard Spahr Andrews & Ingersoll, LLP, where he focused on securities law, M&A and general corporate work. He holds a Juris Doctor from The Dickinson School of Law and a Bachelor of Business Administration from Temple University.
Ms. Lyren is Argosy Capital Group, Inc.’s Chief Compliance Officer and is also responsible for investor reporting and SEC reporting and compliance for Argosy. Prior to joining Argosy, Ms. Lyren was a Senior Accountant in the Enterprise Group of Arthur Andersen, LLP, where she planned and performed financial statement audits and business advisory services, managing client service teams and preparing SEC reports for companies across a broad range of industries.
Ms. Lyren earned a Bachelor of Science, Economics with a major in Accounting from the Wharton School, University of Pennsylvania. Ms. Lyren is a CPA and a member of the Pennsylvania Institute of Certified Public Accountants.
Ms. Tucker is responsible for accounting, financial statement preparation, portfolio statistical support, tax returns, audits and special projects. Prior to joining Argosy, Ms. Tucker was Senior Accountant for Court Square Leasing a subsidiary of Provident Bank and Director of Finance for Benchworks, Chestertown, MD. Ms. Tucker earned a Master of Science, Information Systems from Drexel University and a Bachelor of Business Administration from Adelphi University.
Mr. Aronson provides support for the development and reporting of Argosy’s investment fair values and projected returns, as well as fund level performance track records. In addition, Mr. Aronson performs financial planning and analysis for the firm and its investment strategies. Prior to joining Argosy, Mr. Aronson was the Controller at Gladstone Investment Corp., where he managed all of the company’s Treasury, Finance, and Accounting activities. In that role, he was responsible for internal, lender, and SEC reporting; quarterly/annual projections; cash forecasting; tax planning; and other related matters. Before joining Gladstone, Mr. Aronson worked for PricewaterhouseCoopers as a Senior Associate in the firm’s Forensic Services group, where he specialized in fraud, embezzlement, and anti-corruption investigations, and as an Associate in the firm’s Private Company Services audit practice.
Mr. Aronson is a CPA and a Certified Financial Crime Specialist (CFCS). He holds a B.S. in Accounting from The Pennsylvania State University, where he graduated Cum Laude, and is a member of the AICPA, VSCPA, and ACFCS.
Mr. Kenny joined Argosy in 2018 and is responsible for investor reporting and communications. Prior to joining Argosy, Mr. Kenny was an Operations Manager at SEI Investments, responsible for Alternative Investment Fund Services. Mr. Kenny holds a B.S. from The Pennsylvania State University as well as a MBA from Temple University.
Ms. Frank provides comprehensive administrative services for the Argosy Real Estate Partners team. She has 20 years of experience in residential and commercial real estate, accounting, and energy industries. Previously, Ms. Frank was an Executive Assistant at Grant Thornton LLP, where she supported high level executives in the tax practice. Prior to Grant Thornton, Ms. Frank was a Senior Administrative Associate for BearingPoint, Inc. where she supported the North America Energy Practice. Ms. Frank started her career at a major real estate company in the Philadelphia area.